> "A society where younger workers having to pay taxes 2x higher or more than they do today..."
Most likely social welfare programs for the elderly will simply be allowed to collapse. Nothing will motivate the young to vote like having their paychecks eaten away.
I feel bad for young people graduating now; if they're not able to save the _entire_ cost of their own retirement over the course of their career, they are just plain screwed.
Retired voters, and voters approaching retirement, will fight denture and nail against that. The likely result is some claw back of benefits for them, but young workers would still carry a much heavier tax burden than the retired class did, preempting their own retirement savings. That causes them to defer or forego marriage and children as well, causing a continuing downward spiral.
Without an attestupa or genuine efforts to improve fertility rates, we're in for very grim times in most countries. There's a kind of virtuous cycle here, though, as a government that does figure out how to mold its age demographics in an effective manner will be a much more attractive destination for young emigrants.
Most likely social welfare programs for the elderly will simply be allowed to collapse. Nothing will motivate the young to vote like having their paychecks eaten away.
I feel bad for young people graduating now; if they're not able to save the _entire_ cost of their own retirement over the course of their career, they are just plain screwed.